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Wednesday, January 05, 2011

VOLCKER RESIGNS! AGAIN!

Throughout my career at my former employer, there was a running joke on the trading floor. Whenever someone erroneously yelled out a headline they thought was breaking news, but which in reality had already been announced, they'd be met with a chorus of "VOLCKER RESIGNS," as if to say "no kidding, dipshit, old news," referencing Paul Volcker's 1987 resignation from The Fed. An example might be if someone was off the desk while a stock was halted for news pending. While they were gone, the headlines would come across, and the trading floor would get the news and discuss it. When the late-news-repeater returned, he'd eagerly shout "RUMOR THAT QCOM IS BIDDING FOR ATHR," and people would reply "Volcker Resigns," or simply "VOLCKER."

Well, today, Volcker resigned again! I wonder what my former colleagues are doing with this headline... For at least one day, ""Volcker Resigns" was timely news again. If you want a terrific blast from the past, and to play "If only we knew, in hindsight..." go back to the original 1987 Volcker Resigns article and read what they had to say about the incoming replacement... Alan Greenspan. Quick gem:

"In his attempt to prevent high inflation rates, he is more likely to apply monetary brakes earlier rather than later."

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